Refinance

A pickup in refinances was offset by the first pullback in purchases in four weeks in the run-up to Labor Day, according to the Mortgage Bankers Association.

While borrowers took advantage of rate dips to refinance, purchases declined year over year, showing obstacles still standing in the way of a market turnaround.

Gen Z and Millennial homeowners also face unexpected expenses after closing, underscoring need for more education on the part of mortgage professionals.

As mortgage rates dip, more homeowners are turning to cash-out refis for quick access to cash, ICE says.

The mortgage numbers are a welcome boost to a market that has struggled to overcome high costs and prolonged economic uncertainty.

As high interest rates make refinancing impossible for many homeowners, increasing numbers of them are turning to HELOCs and home equity loans for cash.

While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.

Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.

Mortgage applications rose 12.5% from last week, breaking a month-long streak of decline and offering a positive note as summer approaches.